ers. 43. And be it enacted, That when any such company shall Chancellor may be dissolved, as mentioned in the preceding section, the chan- appoint receivcellor, on application of any creditor or stockholder of such corporation, at any time within the said three years, may appoint one or more persons to be receivers of and for such corporation, to take charge of the estate and effects thereof, and to collect the debts and property due and belonging to the company, with power to prosecute and defend, in the name of the corporation or otherwise, all such suits as may be necessary or proper for the purposes aforesaid, and to appoint an agent or agents under them, and to do all other acts which might be done by such corporation, if in being, that may be necessary for the final settlement of the unfinished business of the corporation; and the powers of such receivers may be continued beyond the said three years, and as long as the chancellor shall think necessary for the purposes aforesaid. 44. And be it enacted, That the chancellor shall have jurisdiction of said application, and of all questions arising in the proceedings thereon, and may make such orders, injunctions, and decrees therein, as justice and equity shall require. pay all Receivers to 45. And be it enacted, That the said receivers shall debts due from the corporation, if the funds in their hands shall pay debts of company, if be sufficient therefor, and if not, they shall distribute the same funds are suffiratably among all the creditors who shall prove their debts in cient. the manner that shall be directed by an order or decree of the court for that purpose; and if there shall be any balance remaining after the payment of said debts, the receivers shall distribute and pay the same to and among those who shall be justly entitled thereto, as having been stockholders of the corporation, or their legal representatives. 46. And be it enacted, That the provisions contained in this Act may be react may be amended or repealed at the pleasure of the legis- pealed, &c. lature, and every company created under this act shall be bound by such amendments; but such amendment or repeal shall not take away or impair any remedy against any such corporation, its officers or stockholders, for any liability which shall have been previously incurred. holders in case 47. And be it enacted, That on the final disssolution of any Property to be corporation created under this act, all its real and personal vested in stock estate, not legally disposed of, shall be vested in the individuals of dissolution. who may be stockholders at the time of such dissolution, in their respective proportions, and they shall hold the same as tenants or owners in common. 48. And be it enacted, That this act shall take effect imme- Act, when to diately. Approved, February 25, 1846. take effect. AN ACT to relieve Catharine Rutan from a judgment upon a forfeited recognizance of bail. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That if Catherine Rutan shall pay Treasurer to en- unto Nathaniel Lane, esquire, late sheriff of the county of Pas ter satisfaction of record. Act, when to take effect. saic, the costs that have accrued in the proceedings which have been instituted in behalf of the state of New Jersey against Ellis E. Collins, and the said Catharine Rutan, as his surety, upon a recognizance of bail, the said sheriff shall desist from raising and making any further moneys on the execution in said case delivered to him; and thereupon the treasurer of this state is hereby authorized and directed to enter satisfaction of record of the judgment rendered against them, in favour of the state of New Jersey, in the supreme court of judicature of this state. 2. And be it enacted, That this act shall take effect immediately. Approved, February 26, 1846. Names of corporators. Style. AN ACT to incorporate the Etna Manufacturing Company. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Garrick Mallery, Thomas Č. Rockhill, Joseph Porter, Lawrence Lewis, Samuel V. Merrick, Benjamin W. Cooper, Edward Browning, Edward Smith, Jesse W. Starr, Nathan Sargent, and Philip J. Gray, and their associates and successors, are hereby made and created a body politic and corporate in law, by the name of "the Etna Manufacturing Company," for the purpose of making, forging, or manufacturing bar and other kinds of iron, from ore, pigs, blooms, or scraps, and for manufacturing nails, screws, wire, cutlery, and other articles of hardware, as well as all machinery used for such purposes, and for the transaction of such business as may be properly connected therewith; and may erect such buildings, mills, and other works, as may be required for carrying on such branches of manufacture and business; and they shall have power to raise by subscription a capital not exceeding eight hundred thousand dollars, in shares of five hundred dollars each; and that the business ope rations of said company shall be conducted in the county of Camden, and not elsewhere. ers. 2. And be it enacted, That the said corporation may pur- General pow chase and hold such real estate as may be required for the purposes of the said corporation, or such as they may be obliged or deem it for their interest to take in settlement or payment of any debt due by the said corporation, and may dispose of the same; and may sue and be sued in all courts of law or equity; may have and use a common seal, and make such by-laws for their regulation and government as they may see proper; provided the same are not inconsistent with the constitution and laws of the United States and of this state. 3. And be it enacted, That the said corporation shall not go Amount of cainto operation until fifty thousand dollars of the capital stock pital stock. shall be paid in gold or silver coin or current bank notes, and an oath or affirmation thereof shall be made by two or more of the associates named in the first section of this act, and filed in the office of the secretary of state. 4. And be it enacted, That the capital stock shall be deemed Stock transferpersonal estate, and be transferable upon the books of the said able. corporation; and no part of the said capital stock shall at any time, or upon any pretence whatever, be divided among the stockholders for dividends, neither shall it be withdrawn or refunded to the stockholders until all debts and liabilities of the company are fully paid; and each stockholder shall, in the election of directors, have one vote for every share he holds in said company. 5. And be it enacted, That Garrick Mallery, Nathan Sar- Books of subgent, Benjamin W. Cooper, Edward Browning, and Philip J. scription to be Gray, or a majority of them, may open books and take sub- "pened. scriptions for the capital stock, in such manner as they may deem expedient; and whenever such subscriptions amount to fifty thousand dollars, the stockholders, having had two weeks' notice in writing or in a newspaper published in the county of Camden, shall proceed to elect such directors and officers as they may deem necessary for conducting the affairs of the company, they to hold office until their successors shall be elected; and such directors, or their successors, shall have power to dispose of any remainder of stock which may not have been subscribed for, in such manner and at such times as they may deem fit. statement. 6. And be it enacted, That in the month of May, annually, Directors to the directors shall submit to the stockholders a written state- make annual ment, under oath or affirmation, of the amount of capital stock paid in, and the amount of all existing debts against the corporation or company, which statement shall be published in Corporation not to be dissolved for failure to elect on day prescribed. some newspaper circulating in the county of Camden; and no dividend shall be declared or paid to the stockholders, except it be from the net profits of the company; and the debts of the said corporation shall at no time be suffered to exceed the capital stock paid in. 7. And be it enacted, That in case it should happen that an election of directors should not be made on the day designated for that purpose, the said corporation shall not be deemed dissolved, but the stockholders may proceed to hold an election on any other day, the same notice as is herein provided to be given being given of such election, the time, place, and day being designated in such notice. 8. And be it enacted, That a majority of the directors for Vacancies, &c., the time being shall constitute a quorum for doing business, and in case a vacancy should occur in the board, it shall be filled for the remainder of the term by the remaining direc how supplied. Books of account to be kept. Limitation. tors. 9. And be it enacted, That regular books shall be kept of all receipts, disbursements, &c., and showing in a plain manner the operations of the company, to which books any stockholder may have access at all reasonable hours, for the purpose of inspection; books of transfer of stock shall also be kept. 10. And be it enacted, That the corporation hereby created shall continue twenty years, and shall possess the general powers, and be subject to the general restrictions and liabili ties, set forth in "An act concerning corporations," approved on the fourteenth day, of February, eighteen hundred and forty-six. Approved, February 26, 1846. Pension of $30 granted to M. Budd. AN ACT for the relief of Mary Budd, widow of George Budd, deceased, of the county of Camden. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the treasurer of this state be, and he is hereby authorized and directed to pay unto Mary Budd, widow of George Budd, deceased, late a soldier in the Revolutionary war, or to her order, the sum of thirty dollars, per annum, during her natural life, in half-yearly payments of fifteen dollars each, the first payment to be made on the first day of March next. Approved, February 26, 1846. AN ACT to incorporate the Willingborough Manufacturing Company. Names of cor 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John W. Fenimore, Charles Stokes, Benjamin Ridgway, Richard F. Wilmerton, John Far- porators. num, Charles Churchman, and James Martin, and their associates and successors, are hereby made and created a body politic and corporate in law, by the name of "the Willingborough Manufacturing Company," for the purpose of manufacturing, bleaching, and printing all goods of which cotton or other fibrous materials form a part, and all the machinery incident thereto, and for the transaction of such business as may be necessarily connected therewith, and may erect such mills and other works as may be required to carry on such branches of manufacture; and they shall have power to raise by subscription a capital of three hundred thousand dollars. 2. And be it enacted, That the said corporation may pur- General powchase and hold such real estate in the township of Willingbo- ers. rough, and county of Burlington, as may be required for the purposes of the said corporation, and may dispose of the same, and may suc and be sued in all courts of law and equity, may have and use a common seal, and make such by-laws for their regulation and government as they may see proper; provided the same are not inconsistent with the constitution and laws of the United States or of this state. business. 3. And be it enacted, That the capital stock of the said cor- When company poration shall be divided into shares of one hundred dollars can commence each; but as soon as fifty thousand dollars of the said capital shall have been subscribed and paid, in lawful money or current bank notes, and an affidavit thereof made by a majority of the directors to be chosen in pursuance of this act, and filed in the office of the secretary of state, then it shall and may be lawful for the said corporation to commence their business, and with that capital to conduct and carry it on, until they |